Solana Meme Coin Moo Deng (MOODENG) Surges Nearly 100% Following Binance’s Launch of Perpetual Contracts With Up to 75x Leverage
Key Highlights:
– Moo Deng secures a futures listing on Binance, sparking price optimism.
– Binance introduces a perpetual contract for MOODENG with up to 75x leverage.
– MOODENG price jumps nearly 100% following the listing announcement.
The Solana-based meme coin Moo Deng (MOODENG), inspired by the viral baby hippo from Thailand, has caught the attention of traders and investors across the crypto space. On Friday, the price of MOODENG surged by almost 90% after Binance announced expanded trading options for the token. The exchange is introducing a USD-Margined perpetual contract for Moo Deng, boosting market sentiment.
MOODENG Gains Momentum With Futures Listing
As announced by Binance on October 25, the crypto exchange is rolling out the MOODENGUSDT USD-Margined perpetual contract, set to go live at 10:00 UTC. This new contract allows users to trade MOODENG with up to 75x leverage, providing a significant boost to the token’s trading prospects.
- The underlying asset, Moo Deng, continues to be the focal point, with the exchange setting a capped funding rate at +2.00% / -2.00% and a tick size of 0.00001. Binance also shared the contract address for verification.
- However, Binance clarified that the terms of the perpetual contract could be adjusted based on market risk conditions. This means potential changes to the funding fee, tick size, leverage, and margin requirements in the future. Despite these variables, the announcement has generated optimism within the crypto community, as reflected in MOODENG’s recent price surge.
MooDeng Price Rallies 100%
Following the news, MOODENG saw an impressive intraday gain, rising nearly 100% to trade at $0.1388. The token’s daily low and high were $0.06547 and $0.1404, respectively. The price spike was accompanied by a 141% increase in intraday trading volume, indicating a positive market reaction to the futures listing.
- Data from Coinglass showed that the open interest (OI) for Moo Deng futures surged by 173%, reaching $57.47 million. Additionally, derivatives trading volume soared 234% to $327.77 million, underlining strong investor interest and suggesting that the token is currently in an uptrend. Market watchers continue to keep a close eye on MOODENG, anticipating further gains as the futures listing encourages more capital inflow.
MOODENG Futures OI by Coinglass
- It’s also worth noting that Binance recently added a perpetual contract for Goatseus Maximus, driving a price increase for GOAT as well. Overall, Binance’s listings tend to have a positive effect on the prices of cryptocurrencies, as demonstrated by MOODENG’s recent performance.
